Exports to China estimated to surpass 56.5 billion dollars

The 2008 Beijing Olympics might be the engine to produce continued and increased demands in Northeast Asia for the decade following the Olympics, especially in light of expectations of China entering the World Trade Organization at the end of this year.

The Olympics are expected to speed up the introduction of foreign investments related to expansions for Olympic preparations. As a result, the Chinese economy is expected to grow by around 8% and its GNP (Gross National Product) is predicted to reach about 2 trillion dollars by 2010. It may work as a favorable opportunity for Northeast Asia in general, as it has suffered from the recent U.S. economic slowdown.

Generally speaking, the Olympics offer various benefits to the host country, participating countries and enterprises.

The overall economic value stemming from hosting the Olympics is increasing more and more, in part aided by communication and logistics tools and popular interest in sports and health.

Since developing official ties with China in 1992, Korean exports have increased by 27.4% annually on average, as of the end of last year. According to this trend, exports to China are expected to hit a growth rate of 15% by 2008, totaling a minimum of 56.5 billion dollars.

Imports should also increase at about the same rate, hitting 100 billion dollars annually by 2008.